SEC News
- SEC Charges City of South Miami with Defrauding Investors About Tax-Exempt Status of Municipal Bonds May 22, 2013FOR IMMEDIATE RELEASE2013-91 Washington, D.C., May 22, 2013 — The Securities and Exchange Commission today charged the City of South Miami, Fla., with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district. Additional Materials SEC Order An SEC investiga […]
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
TAG | non-leveraged ETFs
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Royal Bank of Canada (RBC) to Repay Investors of ETFs
Comments off · Posted by Securities Lawyer in FINRA
It was recently announced that the Royal Bank of Canada (RBC) will repay investors in Massachusetts, $2.9 million on losses from leveraged and non-leveraged exchange-traded funds, also know as ETFs. This is just another example of the losses experienced, and now the crackdown on these very volatile funds.
Massachusetts’ top securities regulator, William Galvin, said in a recent statement, “This settlement details an inexcusable set of facts where the company was selling products it did not understand, and when it finally realized the risk and pitfalls of these investments it did not immediately restrict their marketing.”
The Financial Industry Regulatory Authority, FINRA, began issuing warnings regarding ETFs in 2009. They warned that these investments were not for the ‘long-term,’ conservative investors They are more for the short-term, professional, or day-trader. They are designed for short-term market returns on a day-to-day basis using derivitives.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, has warned investors through his website and marketing materials, as early as 2009, against buying and holding leveraged ETFs. Soreide Law Group has been filing lawsuits related to sales practices surrounding leveraged ETFs against brokerage firms nationwide since then.
brokers recommending risky investments · ETF loss RBC · ETF risks · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · finra lawyer · fort lauderdale securities fraud lawyer · high risk investments · Lars K. Soreide · Lars K. Soreide Soreide Law Group · leveraged inverse ETF's · non-leveraged ETFs · Royal Bank of Canada to repay ETF losses · Stock fraud lawyer · stockbroker misconduct · Unsuitable investments to elderly
